Binding Contract

Binding Contract

Introduction

A Binding Contract is a deal involving two or more parties (e.g., persons, companies, joint ventures, limited liability corporations or government organizations) to carry out, or to abstain from performing, a particular thing in substitution for something of worth. A binding agreement has the key elements of a deal but needs capacity and legal function as well. The key features of a binding deal are mutuality of compulsion (consisted of offer and acceptance (approval)), specific conditions and contemplation. If these features, or capacity and lawful function are missing, then the agreement may not be served as Binding ...